What role does financial counseling play in a medical group?

Financial counseling plays a significant role in a medical group by assisting in minimizing accounts receivable. This involves helping patients understand their financial responsibilities, including co-pays, deductibles, and payment plans, which can lead to more timely payments and reduced outstanding balances.

When patients are informed about their costs up front and have a clear understanding of their financial obligations, they are more likely to pay their bills on time. This proactive approach not only improves the cash flow of the medical practice but also reduces the amount of debt carried by the practice, leading to a healthier financial situation overall. Financial counseling can also involve negotiating payment plans or financial assistance for patients who may struggle with their medical bills, further encouraging timely settlements and supporting the practice's financial health.